Lexaria Bioscience (NASDAQ:LEXX) Shares Up 5.5% – Here’s What Happened

Lexaria Bioscience Corp. (NASDAQ:LEXX)’s stock price shot up 5.5% during trading on Monday . The company traded as high as $0.5783 and last traded at $0.56. 780,474 shares traded hands during trading, a decline of 45% from the average session volume of 1,412,140 shares. The stock had previously closed at $0.5309.

Analyst Ratings Changes

A number of equities analysts recently weighed in on LEXX shares. Wall Street Zen lowered shares of Lexaria Bioscience from a “hold” rating to a “sell” rating in a research note on Sunday, December 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Lexaria Bioscience in a report on Monday, December 22nd. Finally, HC Wainwright decreased their price objective on Lexaria Bioscience from $4.00 to $1.50 and set a “buy” rating for the company in a report on Friday. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $1.50.

Lexaria Bioscience Trading Up 5.5%

The firm’s 50 day simple moving average is $0.98 and its 200-day simple moving average is $0.96. The stock has a market capitalization of $12.45 million, a price-to-earnings ratio of -0.86 and a beta of 0.63.

Institutional Trading of Lexaria Bioscience

A hedge fund recently bought a new stake in Lexaria Bioscience stock. Virtu Financial LLC purchased a new stake in Lexaria Bioscience Corp. (NASDAQ:LEXX) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 29,360 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned approximately 0.13% of Lexaria Bioscience as of its most recent SEC filing. Institutional investors and hedge funds own 13.06% of the company’s stock.

Lexaria Bioscience Company Profile

Lexaria Bioscience Corp. (NASDAQ: LEXX) is a biotech company specializing in the development and commercialization of proprietary drug delivery platforms. The company’s flagship technology, DehydraTECH, is designed to improve the oral bioavailability, onset time and overall efficiency of active molecules such as cannabinoids, nicotine and other lipophilic compounds. Lexaria’s platform seeks to address absorption challenges commonly associated with oral delivery by enhancing the rate and extent at which compounds enter the bloodstream.

Founded in 2014 and headquartered in Kelowna, British Columbia, Lexaria operates in the pharmaceutical, nutraceutical and consumer product markets.